Alabama Power tapping market Tuesday for $350 million 30-year notes

By Andrea Heisinger

New York, Nov. 27 - Alabama Power Co. is expected to price $350 million of senior notes due Dec. 1, 2042 (A2/A/A+), series 2012C, on Tuesday, a market source told Prospect News.

Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Co-managers are BB&T Capital Markets LLC, CastleOak Securities LP, Credit Agricole Securities USA Inc., Samuel A. Ramirez & Co. Inc. and Williams Capital Group LP.

Proceeds, along with other funds, will be used to pay $500 million of series 2007D 4.85% senior notes due on Dec. 15, 2012.

The electric subsidiary of Southern Co. is based in Birmingham, Ala.

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